Builder.ai logo
  • Solutions
    carot down
    Build icon
    Build
    Builder StudioTM
    Start building your software now.
    Builder Now®
    Create a custom prototype.
    Studio RapidTM
    Create enterprise apps fast.
    Studio StoreTM
    Online starter kits for small business growth.
    Manage icon
    manage
    Cloud OneTM
    Make savings on your cloud bills.
    Cloud ControlTM
    Pay only for what you use.
    Cloud WalletTM
    Never overspend again.
  • Why choose us
    carot down
    Who is it for icon
    Who is it for
    Enterprise
    Take pressure off your team.
    SMBs
    On-budget and tailor-made software.
    Entrepreneurs
    Turn that dream into reality.
    > Builder Care
    Case-studies icon
    Case studies
    The BBC
    Siam Makro
    Xander Group
    > Check all case studies
  • Resources
    carot down
    About us icon
    About us
    Blog
    Latest tech industry news.
    Builder Live
    Join us for virtual events.
    Industries
    Custom software for every sector.
    Guides
    Grow your business.
    > About us
    > Careers
    Extras icon
    Extras
    > Create an app from scratch
    > Watch explainer videos
    > Studio pricing
    > Ebooks
    > In the news
    > Press Kit
    > FAQs
    > Become a partner
  • Why Builder?
  • Solutions
    carot down
    Build icon
    Build
    Builder StudioTM
    Start building your software now.
    Builder Now®
    Create a custom prototype.
    Studio RapidTM
    Create enterprise apps fast.
    Studio StoreTM
    Online starter kits for small business growth.
    Manage icon
    manage
    Cloud oneTM
    Make savings on your cloud bills.
    Cloud walletTM
    Pay only for what you use.
    Cloud controlTM
    Never overspend again.
  • Why choose us
    carot down
    Who is it for icon
    Who is it for
    Enterprise
    Take pressure off your team.
    SMBs
    On-budget and tailor-made software.
    Entrepreneurs
    Turn that dream into reality.
    > Builder Care
    Case-studies icon
    Case studies
    The BBC
    Siam Makro
    Xander Group
    > Check all case studies
  • Resources
    carot down
    About us icon
    About us
    Blog
    Latest tech industry news.
    Builder Live
    Join us for virtual events.
    Industries
    Custom software for every sector.
    Guides
    Grow your business.
    > About us
    > Careers
    Extras icon
    Extras
    > Create an app from scratch
    > Watch explainer videos
    > Studio pricing
    > Ebooks
    > In the news
    > Press Kit
    > FAQs
    > Become a partner
  • Why Builder?
  • Pricing
  • Sign in
  • Get a free demo
close icon

Get a free demo

By using this website you agree to our cookie policy
AcceptDeny
< All posts
Trends

Why now is the best time ever to start a business

Paradoxically, some of the biggest businesses across the world like General Motors, Burger King, CNN, Uber and Airbnb were founded during times of economic downturn in response to shifting market dynamics. Historical evidence would suggest that recessions and unstable periods present the best opportunities to start new companies. 

Lakshmi Devan
Senior Manager Content @ Builder.ai®
November 2, 2020



Why now is the best time ever to start a business

The COVID-19 pandemic has unleashed waves of untold havoc on businesses- one that can be felt across the globe. To that end, economists have predicted we could be on the cusp of a recession – or even slip into a depression. Naturally, entrepreneurs have had to shelve their dreams for time indefinite. Because who in their right minds would want to start a business at such an unstable, turbulent time? 

Paradoxically, some of the biggest businesses across the world like General Motors, Burger King, CNN, Uber and Airbnb were founded during times of economic downturn in response to shifting market dynamics. Historical evidence would suggest that recessions and unstable periods present the best opportunities to start new companies. 

The present day also offers once-in-a-lifetime opportunities and unfair advantages to those who dare to dream. While we are, in no way, asking you to take such a big decision without thought, we would like to present a fresh point of view - one that doesn’t leave your aspirations up in the air. Read on with an open heart and you might leave with an enlightened mind. 

Let’s look at why now may be the best time to start a business:

  1. Access to good talent for cheap

Ask an HR executive and they’ll tell you how incredibly challenging it was to recruit and eventually close talent pre-COVID. Good candidates are sparse, and when they’re open to opportunities, they command fees that could easily bankrupt a young startup. But since COVID-19 hit, even the most established companies have had to let go of talent and cut down salaries of those remaining. This has opened up recruiting possibilities for entrepreneurs who can now access good talent critical to early stage growth at a lower cost to the company. They can also offer alternative compensation schemes like equity, as the cash compensation and bonuses become rare. 

  1. Lower rent and overhead expenses

The fixed upfront costs to start a new company, like servers and real estate, are significant! All this before the business even makes its first penny. But today, real estate costs are down considerably and landlords are more than willing to provide attractive deal terms to close a deal. Other expenses like SaaS and consultancy services may be open to negotiation and flexible business terms as well. So, entrepreneurs can direct this extra cash towards talent acquisition and product development. 

  1. Readily accessible consumers, thanks to digital media

You have to admit, never have more people been so willing to try new digital products and services — even if it is out of necessity. This removes the daunting challenge of acquiring customers. Not only can this be an expensive affair, but often it involves persuading consumers to choose your product over all others. It is no surprise that most startups end up failing to do so. However in the current environment, customer acquisition costs are considerably down. Due to quarantines and lockdowns, consumers are more willing to try new products and services. More importantly, as new behaviors and routines come to the fore, consumers may adopt different products and services and stick with them post pandemic. 

They say you must try and fail, but never fail to try. Then pragmatically speaking, there was never a better time to fail than this. Don’t hold your passion back and lock away your trailblazing ideas because the world is topsy-turvy. Find your balance, set out, and we promise you, something good is bound to come. As it is, starting off small and learning to survive on little makes for a tougher business that can thrive despite everything. 

Maybe this is a trial by fire. Maybe you will triumph. 

Found it useful? Share it on:



Lakshmi Devan
Senior Manager Content @ Builder.ai®
Lakshmi is a communications professional with over 6 years of experience across industries- from digital media and fashion to health and technology. She specialised in Integrated Marketing and Communications cum laude, and naturally, can work her magic best when handling public relations, marketing and editorial content and communication. Most people find her moderately introverted, conspicuously sassy, significantly energetic, and massively dog-loving.
View all posts from
Lakshmi Devan
Arrow right

Related articles

DevOps
10 Myths About Cloud Computing
10 Myths About Cloud Computing

Exactly what’s true and what’s not around cloud computing?

Erica Grigg
August 21, 2020
Technology
3 (more) ways AI can transform software & mobile app development
3 (more) ways AI can transform software & mobile app development

Your strategy, deadlines and maintenance can all be transformed, like this...

Erica Grigg
December 9, 2019
Trends
3 Enterprise Business Intelligence trends that can benefit your business
3 Enterprise Business Intelligence trends that can benefit your business

Your business is set to prosper when you keep these smart, industry trends in mind.

Lakshmi Devan
May 28, 2020

Related case studies

Builder Cloud
C-DIT (Chief Minister’s Distress Relief Fund)
C-DIT (Chief Minister’s Distress Relief Fund)

It was vital that every donation to help rebuild flooded Kerala got through straight away...

View case study
Arrow right
Builder Cloud
Cirrus
Cirrus

These measures of brand reputation needed to move 15TB of data swiftly and simply...

View case study
Arrow right
View more

Subscribe to our newsletter

Sign up to our newsletter to get monthly updates on new posts, discounted tickets for our events and possibly some candies, too.

Blog newsletter subscribe image
Builder.ai logo
Software as easy as ordering pizza
Try it for free
Right circle
Builder Studio app building illustration
Builder.ai logo
Facebook Logo
Facebook
Twitter Logo
Twitter
LinkedIn logo
LinkedIn
YouTube logo
YouTube
Instagram logo
Instagram
Products
Builder Studio
Builder Care
Builder Cloud
Studio Rapid
Resources
App Builder
Website Builder
Guides
Case studies
DevOps
Company
About us
Careers
Partners
Reach us
Blog
Press
Contact us
Builder.ai®, 6th Floor, North West House, 119 Marylebone Rd, London NW1 5PU.
Copyright © 2022 Engineer.ai Corp. All rights reserved.
Terms | Privacy | CCPA | Cookie | Legal and Compliance
CogX awards budge
CogX awards budge
trustpilot reviews